No attachment of property as statutory tax charge was not a secured interest under IBC Amendment

Avenue Realty Vs Assistant Commissioner (Madras High Court) Conclusion: A statutory tax charge d noidt constitute a secured interest under the Insolvency and Bankruptcy Code (IBC) therefore, the Court directed the removal of the TNVAT Department’s attachment over the corporate debtor’s property. Held: Appellant emerged as a successful auction purchaser in liquidation proceedings and acquired the property through a public auction conducted by the liquidator on 24.10.2024. The subject property originally belonged to a corporate debtor (RLS Alloys Pvt. Ltd.) which was ordered into liquidation...